New houses and developments in Lugo
New developments in Lugo
The province of Lugo ended last year with more than 100 new building developments, which gathered more than 1,000 apartments throughout the province. All of these buildings are in the construction or commercialization phase, ready for sale. This makes it one of the most prominent provinces in the Galician community. According to information from the College of Quantity Surveyors of Lugo, in 2021 the construction of more than a thousand properties began, covering more than 100,000 m² of area.
The most expensive average price per square meter for new construction is located in the city of Lugo, exceeding more than €1,500/m². Behind it, are Barreiros, which exceeds €1,300/m²; Ribadeo, more than €1,200/m²; Outeiro de Rei, exceeding €1,100 and Foz, above €1,000. These are cheaper values than most provinces in Spain. The lowest costs are in Chantada, a little over €600/m²; Vilalba, which oscillates around €700/m²; Burela, close to €800/m², Monforte de Lemos, exceeding €800/m², Cerco and Sarria, about €850/m²; Viveiro, almost €900/m².
Which localities have the highest amount of new developments under construction?
Most of the new building developments are concentrated in the city of Lugo and Ferrol, as well as in the northern part of the province, right in the coastal area, where Foz, Burela, Ribadeo, and Viveiro stand out.
Which coastal municipalities have the main new building developments?
The entire coastline of the province of Lugo stands out for its new building developments, but the most important ones are located in Viveiro, Cervo, Foz, Barreiros, and Ribadeo.
What factors affect the value of a new build property in the province of Lugo?
As in the rest of the country, the final sale price of a new development depends on the state of the real estate market at the time, that is, the level of supply and demand present in the province. However, there are other inherent characteristics of the property that also influence its final cost. The most relevant is the quality and materials used in its construction. Raw materials can increase the final cost, as their value can vary depending on the moment in which the construction is carried out. Other factors to consider regarding the building itself are the finishes, height, orientation, installations, common services, and technological systems included in the house. In recent years, the inclusion of new technologies in the construction of homes in the province has been promoted, with solar panels being particularly common. These systems are usually related to energy efficiency, which increases the value of new construction homes but ultimately saves money for the buyer.
It's important to note that community services in development, such as apartments or townhouses, are usually more affordable than in independent single-family homes. Therefore, it is interesting to buy a newly built property when the construction is still on paper or in the early stages of construction, in order to reduce the final price.
What is the new construction real estate market like in the province of Lugo?
In 2021, the province of Lugo ended the year with more than 100 new developments in various stages of construction and commercialization, which was a slight increase compared to the previous year. However, the numbers are still far from those collected in 2018, 2017, and 2016. The small upturn shows an improvement and estimates exponential growth in the province of Lugo, with an average of more than 200 quarterly homes.
If we divide the territory into regions, the ones with the highest volume of developments are Lugo, A Mariña Occidental, A Mariña Central, and A Mariña Oriental. In the past year, the number of new build properties in Lugo has particularly increased, as it is a region that is constantly expanding and developing. On the other hand, the coastal regions are always a great attraction for national and international tourists, so they maintain similar levels of new developments as in previous years.
What is the importance of buying new development compared to second-hand property in the province of Lugo?
It seems that the real estate sector for new-build properties in the province of Lugo, especially in the capital and Ferrol, as well as along the entire coast, has been picking up since the end of last year and into this new year. Such properties provide a guarantee compared to second-hand houses, especially in terms of the safety of their materials, energy efficiency, and customization potential. If the property is still in the planning stage, it can be tailored to the future buyer's needs. In terms of energy efficiency, most new constructions use different systems and incorporate new technologies, especially related to environmental impact.
Recent new-build projects have also developed communal services such as garages, swimming pools, parks, and even tennis and/or paddle courts, all of which increase the value of the property.
Where to buy new development in the province of Lugo?
The volume of new-build projects, both in terms of construction and commercialization, has increased in Lugo over the past year. According to the Association of Building Surveyors in Lugo, most new developments are concentrated in the municipalities of Lugo, Ferrol, Foz, Burela, Ribadeo, and Viveiro.
The Lugo region has the most new-build properties for sale, with prices starting from €120,000-€130,000 for apartments in urban developments. These prices increase for independent and semi-detached houses, as well as villas or other types of properties, where the price can exceed €1 million.
In the coastal area, new flats and semi-detached houses are predominant, and prices for these properties are higher due to the high demand along the coast. Thus, one can find apartments of around 70 m² for a price starting from €110,000 or detached houses with more than 150 m², which can exceed €300,000. The southern regions are the cheapest, where an apartment of around 90 m² can cost at least €90,000.